To study the value-relevance of accounting information for business combinations in Chinese capital market, this paper uses Ohlson(1995) residual income valuation model to empirically examine the correlation among the enterprise stock price, consolidated earnings, consolidated book values, goodwill and earnings of combined party that have been realized prior to the combination. Empirical results show that the value-relevance of accounting information for purchase combinations is higher than that for pooling combinations, and accounting method employed is one of the important reasons. Furthermore, we put forward some corresponding policy recommendations to improve the value-relevance of accounting information for pooling combinations.